Metals Acquisition Limited (NYSE: MTAL) (ASX:MAC):
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the full release here:
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Figure 1 – CSA Copper Mine Long Section
(Graphic: Business Wire)
Metals Acquisition Limited (“MAC” or the “Company”) today
provides a market update on the continuing exploration and resource
development at the CSA Copper Mine:
Highlights
- All results reported in this release are after the cut-off date
(August 31, 2023) for the 2023 Resource and Reserve and will be
incorporated in the 2024 Resource and Reserve Estimate update.
- Results from QTS North (“QTSN”) include:
- 12.5m @ 5.4% Cu from 103.0m and 19.8m @ 10.9% Cu from 177.1m in
UDD23021
- 27.3m @ 8.7% Cu from 126.0m in UDD23019
- 8.1m @ 7.3% Cu from 143.6m, 4.9m @ 10.9% Cu from 168.8m, 4.3m @
8.3% Cu from 177.3m and 13.3m @ 9.2% Cu from 183.7m in
UDDD24063
- Results from QTS Central (“QTSC”) include:
- 23.6m @ 5.2% Cu from 98.7 m in UDD24017
- 6.3m @ 11.3% Cu from 84.0m in UDD24012
- 6.6m @ 8.4% Cu from 54.3m in UDD24010
- Results for QTSS Upper A include:
- 3.8m @ 17.1% Cu from 214.3m in QSDD061
Discussion
Underground exploration continued to focus on the down dip and
along strike extensions of the QTSN and QTSC deposits, as well as
the shallower, up dip portions of the East and West deposits and
QTSS Upper.
Results are reported as down hole widths. A complete list of
September quarter 2024 resource drilling results is contained in
Table 1 at the end of this report.
MAC CEO, Mick McMullen commented, “The CSA deposits continue to
deliver the high-grade intervals we have come to expect from it.
The drilling of the Inferred and mineralised extensions of QTSN
have shown good continuity with strike extensions adding to the
tonnes per vertical metre of the mineralisation. Having a core
deposit that grades in excess of 8% Cu provides us with a lot of
flexibility all through the cycle. As we continue to refine mining
methods and manage dilution better than in the past, we are seeing
the benefit in the mill with the September quarter mill feed grade
at 4% Cu.
QTSSU-A has been drilled from surface now to provide us the
confidence to commence development works in the near term. In
addition, we see good potential for additional discovery between
this deposit and the main mine with over 600m of poorly tested
strike extension in this area that the development will pass
through. Our intention is to push the development past QTSSU-A to
the Pink Panther prospect that is located 250m further to the South
East along strike to provide both a drill platform and potential
access for development if that prospect can be converted to a
resource.
Finally, drilling of the high-grade Zn mineralisation above the
East and West lenses has confirmed the presence as indicated by
historical data and as Polymetals (“POL”) advance their planning
for restart of the Endeavour mill this should dovetail well with
our timing for potentially mining this material.”
CSA Copper Mine
The CSA Copper Mine is a world class mine that consists of a
series of mineralized lenses that extend from surface to a depth of
over 2.3km. The main deposits are QTSN, QTSC, QTSS, Eastern and
Western lenses with additional mineralisation in the near surface
QTSS Upper A zone. Approximately 75% of the resources are contained
in QTSN.
Refer to Figure 1 below for the location of the various
deposits.
Exploration Results
Drilling has been targeting conversion of Inferred resource to
Measured and Indicated for inclusion in the Reserve Estimate, as
well as the known mineralized lenses to add incremental
resources.
The location of the significant drill results is shown in Figure
2 below.
At QTSN, the most recent drilling continues to confirm the
location of the Inferred Resource and will enable it to be upgraded
as well as confirmation of the smaller mineralized lenses adjacent
to the existing resource. This can be seen in Figures 3 to 4. QTSN
is characterised by a series of high-grade lenses (grading plus 5%
Cu) that can range in width from 10-35m surrounded by a lower grade
halo on the footwall.
As drilling has progressed down dip it would appear that tonnes
per vertical metre are increasing and drilling is now pushed down
well into the Inferred resources (refer to Fig 3 & Fig 3A)
which will be helpful for upgrading of that material.
The 13.3m @ 9.2% Cu in UDD24063 is completely outside any of the
current resource of known mineralisation and has significantly
extended the strike length of QTSN to the south and is a high
priority area for follow up infill drilling.
QTSC is located adjacent to QTSN and is centred around a depth
of 1.4km and is open both up and down dip. QTSC is typically
narrower than QTSN but higher grade. As seen in Figures 4 and 5 the
most recent drilling continues to confirm the presence of the
high-grade mineralisation below the current working level through
the Inferred Resource and into mineralised material that will both
extend the resource beyond its current limits and extend the
Measured and Indicated material for inclusion into the 2024 Mineral
Reserve.
The interval in UDD24017 is substantially thicker than typically
seen at QTSC and in the middle of the Inferred resource which
should have a materially positive impact for classification of this
resource.
The shallow (< 400m from surface) portions of the CSA Copper
Mine include substantial mineralisation around the existing
workings that are the up-dip portion of the Eastern and Western
lenses as seen in Figure 5. This material is at approximately the
same elevation as the QTSS Upper deposit located approximately 600m
to the south of the main mine as seen in Figure 5 also.
Drilling in the Pb- Zn areas over the Eastern lens has
intersected high grade Zn mineralisation plus Pb and Cu immediately
adjacent to existing development. MACs focus is on the Cu
mineralisation within the rest of the mine, however with the
agreement signed with Polymetals in the June quarter MAC now has
access to Zn material processing capacity. Results returned during
the quarter (refer Fig 6) from Upper Pb-Zn Eastern and Western
Lenses (“Pb-Zn”) include:
- 1.7m @ 3.3% Zn, 1.5% Pb, 0.1% Cu & 7g/t Ag from 176.8m
(EWDD24003)
- 5.8m @ 8.3% Zn, 3.9% Pb, 0.2% Cu & 11g/t Ag from 190.2m
(EWDD24003)
- 5.7m @ 3.5% Zn, 0.87% Pb, 0.7% Cu & 19g/t Ag from 219m
(EWDD24003)
QTSS Upper A is a narrow (1.5 to 4m) but very high-grade zone of
mineralisation that is much shallower than the rest of the mine.
This lens starts approximately 120m below surface and extends to
approximately 350m below surface.
As the majority of the mineral resource for QTSS Upper is in the
Inferred category, this material is being drilling out from surface
to upgrade the classification for detailed mine planning. The
production guidance that MAC has published does not include any
Inferred material, and as such, any production from QTSS Upper
would be in excess of the production guidance.
Figure 7 illustrates the recent Cu and Zn results from this
deposit which are typically narrow but very high grade and close to
surface.
Qualified Person Statement
The information in this announcement that relates to Exploration
Results at the CSA Copper Mine is based on information compiled or
reviewed by Eliseo Apaza, a Qualified Person for the purpose of S-K
1300 who is a Member of the Australian Institute of Mining and
Metallurgy. Mr Apaza is employed by a wholly owned subsidiary of
the Company. Mr. Apaza has given (and not withdrawn) written
consent to the inclusion in the report of the results reported here
and the form and context in which it appears.
This announcement is authorised for release by Mick McMullen,
Chief Executive Officer and Director.
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL; ASX:MAC) is a company
focused on operating and acquiring metals and mining businesses in
high quality, stable jurisdictions that are critical in the
electrification and decarbonization of the global economy.
Cautionary and Forward Looking Statements
This release has been prepared by Metals Acquisition Limited
(“Company” or “MAC”) and includes “forward-looking statements.” The
forward-looking information is based on the Company’s expectations,
estimates, projections and opinions of management made in light of
its experience and its perception of trends, current conditions and
expected developments, as well as other factors that management of
the Company believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which
may prove to be incorrect. Assumptions have been made by the
Company regarding, among other things: the price of copper,
continuing commercial production at the CSA Copper Mine without any
major disruption, the receipt of required governmental approvals,
the accuracy of capital and operating cost estimates, the ability
of the Company to operate in a safe, efficient and effective manner
and the ability of the Company to obtain financing as and when
required and on reasonable terms. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions
which may have been used by the Company. Although management
believes that the assumptions made by the Company and the
expectations represented by such information are reasonable, there
can be no assurance that the forward-looking information will prove
to be accurate.
MAC’s actual results may differ from expectations, estimates,
and projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward- looking statements. These
forward-looking statements include, without limitation, MAC’s
expectations with respect to future performance of the CSA Copper
Mine. These forward-looking statements involve significant risks
and uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside MAC’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: the supply and demand for copper; the future
price of copper; the timing and amount of estimated future
production, costs of production, capital expenditures and
requirements for additional capital; cash flow provided by
operating activities; unanticipated reclamation expenses; claims
and limitations on insurance coverage; the uncertainty in Mineral
Resource estimates; the uncertainty in geological, metallurgical
and geotechnical studies and opinions; infrastructure risks;; and
other risks and uncertainties indicated from time to time in MAC’s
other filings with the SEC and the ASX. MAC cautions that the
foregoing list of factors is not exclusive. MAC cautions readers
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. MAC does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
More information on potential factors that could affect MAC’s or
CSA Copper Mine’s financial results is included from time to time
in MAC’s public reports filed with the SEC and the ASX. If any of
these risks materialize or MAC’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that MAC does not presently know, or that MAC currently believes
are immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect MAC’s expectations, plans or
forecasts of future events and views as of the date of this
communication. MAC anticipates that subsequent events and
developments will cause its assessments to change. However, while
MAC may elect to update these forward-looking statements at some
point in the future, MAC specifically disclaims any obligation to
do so, except as required by law. These forward-looking statements
should not be relied upon as representing MAC’s assessment as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
JORC / SK-1300
MAC is subject to the reporting requirements of both the
Securities Exchange Act of 1934 (US) and applicable Australian
securities laws (including the ASX Listing Rules), and as a result,
has separately reported its Exploration Results according to the
standards applicable to those requirements. U.S. reporting
requirements are governed by S-K 1300, as issued by the SEC.
Australian reporting requirements are governed by Australasian
Joint Ore Reserve Committee Code, 2012 edition (JORC). Both sets of
reporting standards have similar goals in terms of conveying an
appropriate level of consistency and confidence in the disclosures
being reported, but the standards embody slightly different
approaches and definitions. All disclosure of Exploration Results
in this report are reported in accordance with S-K 1300. For JORC
and ASX Listing Rule compliant disclosure (including JORC Table 1
analysis) please see the Company’s separate release to be released
on ASX on 22 October 2024.
Table 1 – Significant Drill Results for QTSN, QTSC, QTSSU-A
& Eastern Systems
Cu Results
Hole
East (MG)
North (MG)
RL. (MG)
EOH (m)
Azimuth (MG)
Dip
From (m)
To (m)
Length (m)
Cu %
Ag g/t
System
UDD21145
5,873.10
3,862.57
8,475.64
250.10
110.0
-5.0
94.5
101.0
6.5
4.8
26
QTS North
UDD22118
5,844.25
4,216.52
8,513.65
410.50
52.4
-35.0
283.8
290.8
7.0
4.8
14
QTS North
UDD23008
5,872.81
3,863.55
8,474.09
371.00
85.6
-59.4
108.7
112.0
3.3
4.7
19
QTS North
UDD23011
5,872.90
3,862.90
8,474.10
326.00
103.8
-58.9
110.9
114.9
4.0
7.3
35
QTS North
118.1
121.8
3.7
3.3
0
QTS North
181.8
187.2
5.4
5.5
42
QTS North
254.0
257.3
3.3
3.3
15
QTS North
UDD23019
5,903.65
3,963.35
8,417.72
250.00
83.0
-46.0
34.7
38.7
4.0
3.0
0
QTS North
82.6
88.2
5.6
6.5
25
QTS North
103.8
107.5
3.7
5.0
13
QTS North
126.0
153.3
27.3
8.7
37
QTS North
161.0
164.3
3.3
3.1
13
QTS North
UDD23035
5,850.64
4,148.23
8,443.31
330.00
110.5
-22.2
173.5
176.6
3.1
3.1
12
QTS North
185.2
189.7
4.5
5.5
29
QTS North
205.0
211.7
6.7
6.7
41
QTS North
214.7
218.3
3.6
3.7
17
QTS North
222.2
227.1
4.9
2.6
5
QTS North
UDD23098
5,850.23
4,149.51
8,442.73
330.30
82.5
-45.0
187.9
203.6
15.7
4.0
18
QTS North
209.9
230.6
20.7
3.7
11
QTS North
262.0
268.0
6.0
3.5
11
QTS North
UDD23099
5,850.42
4,149.58
8,442.78
300.00
82.5
-40.0
174.8
187.1
12.3
3.9
20
QTS North
192.0
199.0
7.0
4.5
7
QTS North
201.1
212.1
11.0
4.3
8
QTS North
229.0
232.0
3.0
4.4
28
QTS North
243.9
249.0
5.1
5.3
10
QTS North
UDT24020A
5,839.18
4,209.38
8,443.29
497.00
63.5
-34.0
275.8
280.6
4.8
6.2
13
QTS North
UDD20143
5,873.03
3,862.78
8,474.16
400.00
105.7
-48.0
95.5
101.9
6.4
5.3
24
QTS North
UDD23021
5,903.13
3,964.45
8,417.63
280.00
55.0
-49.0
103.0
115.5
12.5
5.4
17
QTS North
131.4
135.9
4.5
4.2
11
QTS North
138.4
142.9
4.5
3.1
4
QTS North
177.1
196.9
19.8
10.9
37
QTS North
228.4
231.7
3.3
6.9
41
QTS North
UDD23093
5,850.58
4,148.66
8,443.05
332.03
101.2
-31.0
192.0
198.9
6.9
3.5
8
QTS North
208.0
231.0
23.0
3.9
13
QTS North
UDD23094
5,850.38
4,148.58
8,442.79
362.00
103.8
-39.0
171.6
174.6
3.0
4.6
35
QTS North
204.3
207.9
3.6
3.2
7
QTS North
224.5
235.0
10.5
3.9
19
QTS North
UDD23096
5,850.03
4,148.46
8,442.61
422.00
110.0
-50.5
212.5
218.1
5.6
3.8
9
QTS North
222.5
230.0
7.5
4.0
0
QTS North
249.8
254.0
4.2
3.6
10
QTS North
257.7
265.0
7.3
2.8
12
QTS North
275.0
280.0
5.0
6.3
16
QTS North
292.0
295.5
3.5
2.9
30
QTS North
UDD24062
5,871.71
3,859.79
8,476.46
210.00
140.0
8.0
110.0
114.0
4.0
6.0
35
QTS North
134.9
144.3
9.4
2.9
23
QTS North
UDD24063
5,870.81
3,860.53
8,474.32
565.50
145.0
-35.0
143.6
151.7
8.1
7.3
47
QTS North
168.8
173.7
4.9
10.9
44
QTS North
177.3
181.6
4.3
8.3
42
QTS North
183.7
197.0
13.3
9.2
53
QTS North
201.3
206.5
5.2
4.7
18
QTS North
UDD24136
5,870.90
3,861.60
8,474.08
466.70
130.0
-50.0
135.4
139.0
3.6
3.4
40
QTS North
150.8
156.0
5.2
4.1
24
QTS North
173.0
182.0
9.0
2.7
11
QTS North
220.5
224.3
3.8
3.2
11
QTS North
UDD23032
5,872.95
3,862.98
8,474.12
300.00
101.0
-52.5
93.0
96.3
3.3
8.6
59
QTS North
98.6
102.4
3.8
3.1
10
QTS North
UDD23041
5,839.10
4,207.41
8,443.54
330.00
98.0
-33.0
184.4
198.5
14.1
6.3
21
QTS North
201.9
206.7
4.8
5.2
10
QTS North
249.0
252.9
3.9
10.3
15
QTS North
UDD24060
5,872.94
3,860.32
8,476.48
350.00
125.0
7.0
124.3
128.0
3.7
3.9
39
QTS North
UDD24016
6,078.18
3,585.93
8,619.57
106.60
114.4
-41.0
75.7
79.4
3.7
6.2
8
QTS Central
UDD24017
6,077.89
3,585.86
8,619.29
150.20
117.5
-50.1
86.7
92.7
6.0
4.5
0
QTS Central
98.7
122.3
23.6
5.2
14
QTS Central
UDD24005
6,078.86
3,589.07
8,620.35
90.00
55.9
-14.1
71.7
76.3
4.6
6.7
15
QTS Central
UDD24008
6,078.80
3,587.39
8,620.08
88.70
82.5
-25.1
57.5
66.5
9.0
5.2
10
QTS Central
UDD24009
6,078.08
3,587.36
8,619.51
116.00
79.8
-49.5
95.7
98.8
3.1
3.1
5
QTS Central
UDD24010
6,078.90
3,586.42
8,620.58
80.00
100.4
-15.3
54.3
60.9
6.6
8.4
106
QTS Central
UDD24012
6,078.38
3,586.59
8,619.63
101.00
100.1
-44.7
84.0
90.3
6.3
11.3
20
QTS Central
* Note: Boreholes intersections criteria based on Copper grade
>2.5% and >3m.
Hole
East (MG)
North (MG)
RL. (MG)
EOH (m)
Azimuth (MG)
Dip
From (m)
To (m)
Length (m)
Cu %
Ag g/t
System
QSDD061
6,378.57
3,030.45
10,259.66
289.10
280.3
-66.6
214.3
218.1
3.8
17.1
41
QTSSU-A
QSDD062
6,378.96
3,030.28
10,260.04
212.50
272.4
-58.3
193.7
196.6
2.9
4.1
12
QTSSU-A
QSDD071
6,436.06
2,903.27
10,258.00
347.20
274.5
-67.3
312.0
314.4
2.4
6.8
22
QTSSU-A
* Note: The intersects criteria is not apply to Eastern and QTS
South Upper A due to their mineralization styles as narrow
vein.
Zinc Results
Hole
East (MG)
North (MG)
RL. (MG)
EOH (m)
Azimuth (MG)
Dip
From (m)
To (m)
Length (m)
Cu %
Ag g/t
Pb %
Zn %
EWDD24003
5,860.00
3,720.00
10,272.00
581.10
268.4
-57.2
176.8
178.5
1.7
0.1
7
1.5
3.3
190.2
196.0
5.8
0.2
11
3.9
8.3
219.0
224.7
5.7
0.7
19
0.8
3.5
QSDD071
6,436.06
2,903.27
10,258.00
347.20
274.5
-67.3
302.7
305.2
2.5
1.2
18
6.9
16.2
* Note: The intersects criteria is not apply to Eastern and QTS
South Upper A due to their mineralization styles as narrow
vein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241021314602/en/
Mick McMullen Chief Executive Officer Metals Acquisition Limited
investors@metalsacqcorp.com
Morné Engelbrecht Chief Financial Officer Metals Acquisition
Limited
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